The deadline to take advantage of the First Time Home Buyer Tax Credit is fast approaching and will expire on November 30, 2009.  Home buyers interested in taking advantage of this tax credit need to get their home search started right away.  Below you will find a quick summary of the details for this tax credit.

  • The tax credit is for first-time home buyers only. For the tax credit program, the IRS defines a first-time home buyer as someone who has not owned a principal residence during the three-year period prior to the purchase.
  • The tax credit does not have to be repaid.
  • The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $8,000.
  • The credit is available for homes purchased on or after January 1, 2009 and before December 1, 2009.
  • Single taxpayers with incomes up to $75,000 and married couples with incomes up to $150,000 qualify for the full tax credit.

Please consult your CPA or tax preparer if you have any questions regarding your eligibility for this credit.  Remember, I’m here to help you get your home search started so that you can find the right home, the right location, and the right price.